Income Tax Calculator
Income Tax Calculator
The income tax calculator shows you how much income tax you should be paying per week, month or year, based off your gross or net income. This is helpful as a guide to those individuals who are self-employed, or if someone on PAYG wages would like to know what they would earn for the year after tax, based off their regular occurring payment amount.
In the example of a self-employed client, they may know their gross income before tax, but they are unsure how much of that income is to be paid to the ATO once they have completed their financials, also known as their net income. It is important that the net income figure you are using to search for suitable loan products is correct when applying for financial products, as your net income is what all other calculations and servicing ratios are calculated from.
Although this calculator is useful in the lead up to applying for any loan products to know your net income, your lender will normally require that you supply your last 2 notice of assessments or personal tax returns, which will state the actual net income you have received. This calculator also allows you to remove the 2% medical levy from your net income estimate to give you a more accurate income after tax figure.
We recommend discussing your options with a finance broker, to help calculate your eligibility or borrowing power more accurately. If calculated incorrectly, it could provide you with a incorrect eligibility information.
* The calculator below has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.